Carmin 151000(1+9.9%/12)^204=???
richie 116000(1+9.9%/12)^204=???
Answer:
13.35
Step-by-step explanation:
you multiply 89 times 15
then divide that with 100
9514 1404 393
Answer:
$20.01
Step-by-step explanation:
In 2004–2012, the interest rate is 0.002%. In 2013, it is 0.004%. In 2014–2021, the interest rate is 0.002%. That is, in the 18 years between 2004 and 2021 (inclusive), the interest rate is 0.002% for 17 of them. The effective account multiplier is ...
(1.00002^17)(1.00004^1) = 1.00038006801
Then the account balance is ...
$20 × 1.00038006801 ≈ $20.01
_____
<em>Additional comment</em>
The annual interest earned on $20.00 is $0.0004. If the account balance is rounded to the nearest cent annually, at the end of the 18 years, the balance will still be $20.00. Not enough interest is earned in one year to increase the balance above $20. At the end of the 18 years, the amount of interest earned is 0.76¢ (a fraction of a penny) <em>only if there is no rounding in intervening years</em>.
The correct answer is = because 4/6 simplifies to 2/3
